Canada Ivey Purchasing Index Rises First Time in 5 Months

By Greg Quinn -
Jan 7, 2013

Canada’s Ivey purchasing managers’
index rose for the first time in five months in December, with
the survey also suggesting hiring prospects are dimming.

The index climbed to 52.8 on a seasonally adjusted basis
from November’s 47.5, according to a statement on the website of
Western University’s business school in London, Ontario.
Readings of more than 50 indicate purchasing by governments and
companies advanced. Economists forecast a reading of 49.8.

Three of the report’s four sub-categories suggested
weakening activity, including a decline in the employment
measure to 49.2 from 55.1 and a drop in the inventory index to
42.4 from 55.6.

The report adds to evidence of a modest economic rebound at
the end of last year after output growth slowed to a 0.6 percent
annual pace in the third quarter. The country’s unemployment
fell to a four-year low of 7.1 percent in December while
inflation slipped to 0.8 percent, below the central bank’s
target range.